Individual/Family Insurance Quotes

401(k) Retirement Plans

401(K) plans are tax-deferred retirement savings plans for employees.
The employer sets them up and each company has a slightly different
401(k). They are part of a family of retirement plans known as "defined
contribution" plans - the amount contributed is defined by the
employer or the employee.

When you join a 401(K) plan, you tell your employer how much money
you want to contribute to your account. This amount is deducted from
your salary before taxes are applied, so you pay less income tax.
More importantly, the money is deducted even before you have received
it, making it the easiest savings plan to contribute to. Your employer
may match a portion of your contribution. The money is invested by
the plan administrator (on your behalf) in mutual funds, bonds, money
market accounts, etc. You decide the mix of investments. They usually
have a list of investment vehicles you can choose from as well as
some guidelines for the level of risk you are willing to take. Since
the plan is an incentive for retirement savings, there is one condition:
if you withdraw the money before you are 59½ years
old, you will have to pay tax as well as a 10% penalty fine to the
IRS.

401(k) Retirement Plans Quote Request

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